GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion in a London listing which is expected to take place in 2018, the sources said.

Backed by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and investment firm Blackstone , GEMs said on Monday it had secured a $1.25 billion loan to refinance existing borrowings and support growth.

JP Morgan declined to comment, while the other banks chosen as joint global coordinators did not immediately respond to requests for comment. (Reporting by Dasha Afanasieva; editing by Alexander Smith)